Corporate Tax Lawyers in Walthourville
In Walthourville, Georgia, a "corporation" is defined as a legal entity that's separate from its owners. Therefore, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."
This system is sometimes called "corporate personhood" by Georgia lawyers. It means, in simple terms, that the law treats a corporation just as it would treat a human being - having most of the legal rights and duties that also apply to individuals.
One of a corporation's primary legal obligations is its duty to pay income taxes, as an actual person would.
Corporate Tax Rate in Walthourville, Georgia
Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Walthourville, Georgia are required to pay.
Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.
In Georgia the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is usually lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.
Corporations in Walthourville, Georgia are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.
How Can a Walthourville, Georgia Corporate Tax Lawyer Help?
Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.
Of course, smaller companies in Walthourville can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's necessary that you contact a Walthourville, Georgia tax attorney as soon as possible.